What is Figure (Figure)?

The figure(Figure) in the quotation of currency pairs represents the second decimal place (so it is a penny, cent, etc.). It corresponds to the value of 100 pips (price interest point). It is also often called a large figure, due to the fact that currency quotes use exchange rates with up to four decimal places. Because the “big figure” changes relatively infrequently, some brokers only quote the 3rd and 4th digits after the decimal point when asking for the price in transactions. They assume that the other values are known to the person making the transaction.

 

What is a pip?

In the foreign exchange market, exchange rates are quoted to four decimal places. A pip is the smallest change by which the price of an asset can change. In the case of the foreign exchange market, a change of one pip is a change of four decimal places. Some assets are quoted only to two decimal places then the pip is correspondingly larger.